THE  1ST A.TIOTST A.E  DEBT. 


A  Decrease  of  802  Millions  in  Three  Years- 


IMPORTANT  AND  INTERESTING  FACTS. 

Speech  of  Edward  Atkinson, 

OF  BROOKLINE,  MASS. 

Delivered  at  Worcester,  Mass.,  Sept.  9,  1868. 


Gentlemen — In  a  short  address,  I  propose  to  justify — not  to  defend  the  fiscal  policy  of  the 
Republican  party.  As  the  honored  chairman  of  our  State  Central  Committee  has  well  said,  its 
fiscal  record  needs  no  defence,  it  is  a  record  of  which  we  may  well  be  proud. 

In  speaking  to  you  I  shall  pass  rapidly  over  the  details,  but  you  will  find  all  my  statements 
verified  in  detail  in  the  printed  reports. 

If  there  is  an}r  merit  in  the  following  analysis  of  the  expenditures  of  the  last  three  years,  I 
can  only  claim  the  plan  and  method  upon  which  it  is  placed  before  you.  All  the  data  have 
been  furnished  me  by  the  Hon.  David  A.  Wells.  I  long  since  perceived  that  the  statement 
commonly  accepted  as  that  of  the  maximum  dedt  of  the  United  States  was  not  one  which 
covered  the  liability  of  the  Governmenton  the  1st  of  August,  1865,  by  many  millions  of  dollars. 

THE  DEBT  IN  1S55. 

I  knew  this  from  the  fact  that  the  manufacturing  corporations  with  which  I  am  myself  con¬ 
nected  held  at  that  date  several  millions  of  dollars  of  claims  upon  the  Government  through  the 
contractors  to  whom  we  had  sold  material  for  the  tents  and  clothing  for  the  army,  for  which 
they  had  then  had  no  settlement.  These  accounts  wnre  afterwards  allowed,  and  we  took  our 
pay  in  7  3-10  notes,  most  of  which  we  sold  to  the  various  savings  banks  of  Massachusetts  from 
whom  we  had  borrowed  the  money  to  enable  us  to  do  the  work  and  furnish  the  goods. 

These  notes  were  of  course  converted  into  5-20  bonds  by  the  savings  banks,  and  now  form  a 
portion  of  the  debt  which  the  Democratic  party  proposes  to  repudiate  by  issuing  greenbacks,  or 
in  other  words  substituting  failed  paper  bearing  no  interest  for  a  debt  not  yet  due;  the  avowed 
purpose  of  the  Southern  wing  of  the  party,  who  at  least  may  claim  the  meed  of  praise  for  their 
bold  avowal,  being  to  render  the  greenback  valueless  and  then  to  repudiate  it. 

In  this  scheme  they  are  led  by  George  H.  Pendleton  and  covertly  supported  by  Horatio 
Seymour,  it  being  now  asserted  by  his  supporters  that  he  has  retracted  his  previous  views,  aud 
that  there  is  a  substantial  agreement  between  himself  and  Pendleton  as  to  what  should  be  the 
fiscal  policy  of  the  country. 

HIS  STATEMENTS  ARE  OFFICIAL. 

I  have  said  that  I  have  been  able  to  make  the  statements  which  are  included  in  this  address 
by  the  aid  of  my  friend  David  A.  Wells,  special  commissioner  of  the  revenue,  to  whom  I  applied 
in  order  that  I  might  have  the  force  of  an  official  statement  to  prove  my  position.  Of  the  value 
of  his  official  statement  you  are  well  aware ;  no  man  stands  higher  in  the  confidence  of  the  peo¬ 
ple,  and  no  man  deserves  that  confidence  more. 

With  a  single  eye  to  the  truth,  he  gives  to  his  work  the  force  of  an  enthusiasm  rarely  to  be 
found,  and  hence  the  power  and  value  of  every  document  that  comes  from  his  hand. 

For  the  use  I  have  made  of  the  figures  which  he  has  given  me  in  answer  to  my  questions,  I 
alone  am  responsible,  and  I  desire  that  he  shall  have  the  credit  of  all  the  facts  here  stated,  and 
I  invite  the  blame  of  those  who  will  charge  me  with  perverting  them  to  party  purposes. 

The  Democratic  party  fears  the  truth,  and  will  make  this  charge.  I  trust  this  may  not  long 
be  so.  The  name  of  democrat,  in  its  true  significance,  is  one  which  I  honor  and  cherish,  and_I 
hope  the  day  is  not  far  off  when  it  shall  no  longer  be  prostituted  to  the  purposes  of  a  party 
which  denies  every  principle  indicated  by  its  name,  and  which  has  been  the  party  of  despotism 
and  of  oppression  ever  since  I  came  to  man’s  estate ;  a  party  which  now  rests  its  chance  of  suc¬ 
cess  upon  the  ignorance  of  its  followers,  and  proposes  to  inaugurate  war,  fraud,  and  violence, 
under  the  lead  of  Seymour  and  Blair. 

We  demand  peace  and  an  honest  administration,  and,  under  the  wise  control  of  General 
Grant,  these  we  will  have. 

CONFIRMED  BY  MR.  BOUTWELL. 

I  also  desire  to  say  that  I  did  not  fully  realize  the  great  importance  or  the  force  of  the  state¬ 
ment  of  the  real  maximum  debt  of  the  United  States,  at  a  given  date,  until  I  read  the  speech  of 
Hon.  George  S.  Boutwell  upon  the  funding  bill,  in  which  speech  is  a  compact  statement  sub¬ 
stantially  agreeing  with  the  exhibit  I  am  about  to  make. 

The  condition  of  active  war  terminated  with  the  surrender  of  the  rebel  armies  in  April,  1865, 
but  the  condition  of  passive  war  did  not  then  cease,  nor  will  it  cease  until  every  citizen  of  the 


2 


Southern  States,  shall  be  safe  under  the  protection  of  loyal  State  governments,  .elected  by  the 
ballots  of  all  freemen  or  freedmen — free  not  only  from  the  chains  of  slavery,  but  from  the  fear 
of  violence  or  fraud  by  which  they  are  now  intimidated. 

WHAT  DID  WE  OWE  IN  1865? 

The  ascertained  debt  of  the  United  States  on  the  first  day  of  April,  1865,  as  entered  upon  the 
books  of  the  Treasury  Department,  amounted  to  $2,366,955,077.  Four  months  later,  on  the 
1st  of  August,  1865,  the  debt  represented  upon  the  books  amounted  to  $2,757,689.571 ;  and  the 
latter  sum  has  been  assumed  of  late  to  have  been  the  maximum  debt  of  the  country  at  any  one 
time. 

But  such  was  very  far  from  being  the  fact.  These  figures  represent  only  the  amount  of  debt 
actually  entered  upon  the  books  of  the  Treasury  Department,  but  there  existed  at  that  time  a 
liability  for  a  very  large  sum  not  then  entered,  but  for  which  the  Government  was  bound  as 
much  as  if  the  bonds  had  then  been  issued,  a  liability  since  recognized  and  since  paid. 

At  that  time  the  Democratic  party  leaders  asserted,  what  they  now  find  it  convenient  to 
forget,  viz:  that  the  burden  of  debt  imposed  upon  the  country  by  the  war  was  three  to  four 
thousand  million  dollars,  and  for  once  they  were  right;  the  true  liability  of  the  United  States, 
caused  by  the  war  which  the  Democratic  party  of  the  South  had  waged  upon  the  Government, 
amounted  in  the  year  1865  to  the  sum  of  $3,287,733,329;  and  since  that  date  the  Republican 
party  has  paid  over  $800,000,000,  or  one  quarter  of  the  principal  of  the  entire  debt,  besides 
paying  the  interest. 

HOW  IT  WAS  REDUCED. 

In  proof  of  this  statement,  let  us  now  review  the  financial  history  of  the  Government  from 
April  1,  1865.  to  June  30,  1868,  the  close  of  the  last  fiscal  year,  a  period  of  three  years  and  three 
months  of  quasi  peace. 

AND  FIRST,  AS  TO  REVENUE. 


The  receipts  from  the  customs  have  been  as  follows  : 

April  1,  to  June  30, 1865 . $30,014,387 

July  1,  1865,  to  June30,  1866  . 179,046,651 

“  1,  1866,  to  “  30,  1867  .  176,4j.7,8H) 

“  1,  1867,  to  “  30,  1868  . 163,500,000 


Total . $548,978,848 

INTERNAL  REVENUE. 

April  1,  1865,  to  June  30,  1865 .  $42,508,820 

July  1,  1865,  to  Juno  30,  1866 .  310  906.984 

“  1,  1866,  to  “  30,  1867 . . .  265  920'4~4 

“  1,  1867,  to  “  30,  1868 .  193/000,000 


Total . . . $812,336,278 


MISCELLANEOUS  SOURCES. 

The  receipts  under  this  head  have  been  derived  from  the  following  sources,  enumerated  in  the 
order  of  their  importance : 

First.  Premium  on  sales  of  gold. 

Second.  Sales  of  military  and  naval  stores  and  of  captured  and  abandoned  property. 

Third.  Direct  taxes. 

Fourth.  Public  lands. 

The  receipts  from  the  last  having  been  comparatively  inconsiderable. 


April  1,  1865,  to  June  30,  1865  . $10,995,955 

July  1,  1865,  to  “  “  1866  .  69,759,154 

“  1,  1866,  to  “  1867  48,188,660 

“  1,  1867,  to  “  “  1868 .  49,800,000 


Total . $178,743,769 

RECA  PITUL  ATI  ON. 

Customs . $548,978,536 

Internal  Revenue .  812,336,278 

Miscellaneous .  178,743,769 


Total . $1,540, 058, 5S3. 


The  above  total,  therefore,  represents  the  exact  amount  which  the  Treasury  of  the  United 
States  has  received  from  sources  other  than  loans  since  the  close  of  the  war. 

WHAT  BECOMES  OF  THE  MONEY. 

And  now  we  come  to  the  main  question.  In  what  manner  has  this  sum  of  money,  amounting 
to  three-fifths  the  present  amount  of  the  public  debt,  been  disposed  of? 

This  is  a  question  which  the  people  have  a  right  to  ask,  and  which  I  propose  to  answer — to 
answer  in  the  most  simple  and  straightforward  manner,  and  in  a  manner  which  can  be  verified 
by  any  man  who  will  take  the  pains  to  examine  the  finance  reports  of  the  last  three  years,  issued 
by  Hon.  Hugh  McCulloch,  Secretary  of  the  Treasury. 

Although  active  hostilities  virtually  ended  with  the  surrender  of  the  great  rebel  armies  in 
April,  1865,  the  expenses  of  the  war  did  not  and  of  necessity  could  not  cease  at  once.  The  mil¬ 
itary  and  naval  forces  were  at  that  time  in  a  state  of  the  greatest  efficiency.  In  number  they 
approximated  to  a  million  of  men  in  active  service,  and  preparations  had  been  made  for  prose¬ 
cuting  the  war  at  all  points  with  the  greatest  energy  during  the  ensuing  season. 

WAR  EXPENSES  AFTER  THE  WAR. 

It  was  obviously  impossible  for  the  Government  to  say  to  its  million  of  soldiers  and  sailors 
the  moment  the  rebels  laid  down  their  arms — Go!  we  have  no  further  use  for  you?  To  the 


3 


t  J  >  • 

sick,  wounded  and  disabled — Take  care  of  yourselves  !  To  the  owners  of  half-constructed  ves¬ 
sels,  and  to  those  who  had  contracted  in  good  faith  to  supply  food,  clothing,  and  ordnance — • 
We  repudiate  our  contracts  and  refuse  your  supplies  !  No  ;  all  these  matters  were  to  be  settled 
upon  principles  of  justice,  honor,  and  humanity  ;  but  to  accomplish  such  a  result,  the  Treasury 
found  itself  in  a  position  of  embarrassment  and  danger  which  few  either  knew  or  appreciated. 

The  credit  of  the  Government  had  become  greatly  impaired,  the  1  3-10  loan  was  selling  at 
less  than  par  even  in  currency,  and  all  other  means  adopted  for  raising  money  during  the  pre¬ 
ceding  year  had  proved  or  were  then  proving  comparative  failures.  There  were  in  April,  1865, 
accounts  passed  for  payment — and  over  due — to  the  extent  of  more  than  one  hundred  and 
twenty  millions  of  dollars,  while  all  the  available  cash  funds,  coin,  and  currency  which  the 
Government  could  then  command  was  less,  all  told,  than  seventeen  millions  of  dollars. 

OUR  CREDIT  LOW. 

Treasury  vouchers,  issued  for  supplies  to  the  army  and  navy,  were  being  sold  with  difficulty 
by  their  holders  at  from  10  to  20  per  cent,  discount.  The  pay  of  the  army  itself  was  and  had 
for  months  been  largely  in  arrears.  Horatio  Seymour  and  other  rich  Democrats  were  then 
refusing,  as  they  had  always  refused,  to  subscribe  for  or  to  hold  the  bonds  of  the  United  States. 
In  short,  the  Treasury  was  so  near  to  absolute  bankruptcy,  that  the  old  officials,  to  whom 
almost  alone  these  facts  were  known,  dreaded  the  collapse  which  they  feared  might  come  at  any 
day. 

But  fortunately  the  system  of  internal  revenue,  the  establishment  of  which  had  been  only  too 
long  delayed,  was  beginning  to  prove  effective,  and  the  receipts  from  this  source  and  from  the 
renewal  of  subscriptions  to  the  7  3-10  loan  tided  the  Treasury  over  a  most  critical  period. 

The  inevitable  result  was,  however,  that  large  payments,  the  liability  for  which  actually 
existed  during  the  time,  and  which  were  properly  part  and  parcel  of  the  expenses  of  active  war, 
were  carried  over  into  the  year  succeeding  the  war,  and  were  then  largely  paid  from  the  enor¬ 
mous  receipts  of  revenue  of  that  year. 

BACK  PAY  OF  TROOPS. 

This  liability  for  back  pay,  for  the  pay  of  the  troops  to  the  date  of  their  possible  discharge, 
for  their  transportation,  and  for  the  settlement  of  contracts,  formed  a  part  of  the  debt  of  the 
.  United  States  on  the  1st  of  April  or  on  the  1st  of  August,  1865,  as  much  as  if  it  had  all  been 
settled  and  the  bonds  issued  and  entered  upon  the  books  of  the  Treasury  Department.  These 
disbursements,  under  the  direction  of  the  War  Department,  from  the  1st  of  April,  1865,  to  the 
30th  cf  June,  1866,  a  period  of  only  fifteen  months ,  were  as  follows  : 

April  1  to  June  30,  1865.... . $414,196,377 

July  1  to  Sept.  30,  “  . . .  165.369,237 

Oct.  1  to  Dec.  31,  “  .  68,122,541 

Jan.  1,  1866,  to  June  30,  1866 . . . . .  50,857,923 


Total  15  months . $698,546,078 

During  the  same  period  the  expenditures  made  under  the  direction  of  the  Navy  Department 
were  as  follows : 

April  1,  1865,  to  Dec.  31,  1865 . . . . . . . . . .  58,847,889 

Jan.  1,  1866,  to  June  30,  1866 . . .  17,461,884 

T  otal  15  months . $76,319,773 

It  thus  appears  that  the  disbursements  made  under  the  direction  of  the  Army  and  Navy 
Departments  during  the  fifteen  months  immediately  succeeding  April  1,  1865,  the  month  in 
which  the  rebel  armies  surrendered,  amounted  to  $174,865,851. 

WE  OWED  THIS  IN  APRIL,  1865. 

It  is  estimated  that  a  very  large  proportion  of  this  sum,  not  less  than  $400,000,000,  was  on 
account  of  expenses  incurred  and  accounts  rendered  from  three  to  twelve  months  prior  to  the 
termination  of  active  hostilities,  and  which  had  been  allowed  by  the  Treasury  to  remain  unliqui¬ 


dated  simply  by  reason  of  great  financial  embarrassments. 

The  remainder  is  made  up  mainly  of  the  following  items  : 

Pay  of  the  army  15  months . $206,000,000 

Commissary  and  Quartermaster’s  Department  for  subsistence  and  transportation,  about .  60.000,000 

Medical  and  Hospital  Department . 17,337,000 

Arrears  of  pay  of  discharged  or  deceased  soldiers .  16,189’000 

Bounties .  10.429.002 

Prize  money  paid  by  Navy  Department. .  .4 .  3,875,010 


It  is,  therefore,  not  only  legitimate,  but  strictly  in  accordance  with  the  facts,  to  assume  that 
this  large  expenditure  of  nearly  eight  hundred  million  dollars  from  April  1,  1865,  to  June  30, 
1866,  was  in  every  sense  a  war  expenditure,  and  that  it  was  a  liability  on  the  1st  of  August, 
1865,  the  date  on  which  our  debt  appeared  to  be  at  its  maximum  by  the  Treasury  books,  as 
much  as  if  7  3-10  notes  or  5-20  bonds  had  been  issued  and  entered  upon  the  ledger ;  and  this 
expenditure  is  to  be  measured  and  estimated  by  the  same  standards  as  those  by  which  the  expen¬ 
ditures  of  the  active  war  are  judged  to  have  been  necessary  and  unavoidable  on  the  one  hand, 
or  unnecessary  and  inexpedient  on  the  other. 


THIS  IS  NOT  ALL. 

But  the  liability  which  existed  at  that  date  was  even  more.  There  were  the  debts  which 
humanity  and  honor  alike  have  imposed  upon  the  country,  and  which  Congress  has  recognized 
and  paid.  We  were  then  liable  for  pensions — for  the  equalization  of  bounties — for  further 
arrears  of  pay  of  deceased  soldiers — for  the  claims  of  States — for  the  property  of  loyal  men 


4 


destroyed — for  additional  prize  money — -for  the  reconstruction  of  the  rebellious  States — for  the 
care  of  the  freedmen,  and  for  the  burial  of  the  dead. 

The  amount  of  these  liabilities  which  have  been  recognized  and  paid,  and  which  are  not 


included  in  the  previous  statement,  is  as  follows  : 

Pensions . . . .  $69, 828, f  5  > 

Bounties .  49.382,859 

Prize  Money .  1,642,099 

Reimbursing  States  for  war  expenditures .  12,330,188 

Claims  of  loyal  men . . .  11,111,300 

Ei-eedmen’s  Bureau .  .’ .  5,617,000 

Miscellaneous,  including  all  expenses  of  reconstruction  and  national  cemeteries,  estimated .  3,000,000 


$145,912,401 

Add  to  this  the  expenses  of  the  army  and  navy  for  15  months,  as  previously  stated .  774,865,851 


Aud  we  have  a  total  of .  $920,778,252 

And  in  this  total  we  have  the  sum  to  be  added  to  the  debt  as  it  stood  upon  the  books  of  the  Treas¬ 
ury,  April  1,  1865 .  .  2,366,955,077 


Making  the  aggregate  of.. . $3,287,733,329 

which  was  the  actual  maximum  of  the  war  debt,  being  the  expenses  of  the  war  not  paid  from 
receipts  of  revenue  as  they  were  incurred. 

THE  DEBT  THEN  AND  NOW. 

Bear  in  mind  that  these  figures  are  all  official,  carefully  prepared  for  me  by  Hon.  David  A- 
Wells,  in  order  that  I  might  defend  the  credit  of  the  United  States  against  all  comers. 


WHAT  IS  OUR  DEBT  NOW  ? 

At  the  end  of  the  fiscal  year  ending  June  30,  1868,  it  was... . $2,511,000,000 

But  in  this  amount  there  were  included  $26,000,000  of  bonds  loaned  to  the  Pacific  Railroad,  and 
to  be  paid  by  them .  26,000,000 


Net  debt . $2,485,000,000 


which,  when  deducted  from  the  maximum  debt  in  1865,  proves  the  actual  payment  during 
three  years  of  quasi  peace  of  $802, '733,329,  or  about  one-quarter  of  our  entire  war  liability. 

Our  net  debt  is  a  little  more  at  this  date,  owing  to  the  Alaska  purchase,  the  further  advance 
of  bonds  to  the  Pacific  Railroad,  and  the  reduction  of  the  revenue  from  the  frauds  of  the  whiskey 
ring  before  the  tax  o*n  whiskey  was  reduced. 

And  now  we  begin -to  see  to  what  purpose  the  revenue  of  the  past  three  years  has  been 
applied.  But  another  great  war  liability  has  accrued  in  that  period,  viz:  the  interest  upon 
the  Avar  debt,  amounting  from  April  1,  1865,  to  June  30,  1868,  in  coin  and  currency  to 

$438,484,883. 

We  can  now  strike  the  balance  between  our  income  and  our  war  expenditures: 

Income  3%  vears . . .$1 ,540,058,583 

War  debt  paid . $802,733,329 

War  interest  paid .  438,484,883 

- 1,241,218,212 


Ordinary  expenses .  $298,840,371 

including  the  cost  of  the  late  Indian  war,  and  about  $10,000,000  paid  under  the  direction  o^ 
the  Engineer  Bureau  for  river  and  harbor  improvement. 

NO  EXTRAVAGANCE. 

This  is  the  sum  and  substance  of  all  the  charges  of  extravagance  and  waste.  If  it  shall 
claimed  that  the  whole  problem  should  be  stated  in  currency,  the  result  is  not  changed,  only 
our  income  and  our  war  interest  will  each  appear  a  little  larger. 

The  premium  on  sales  of  gold  having  been  included  in  the  miscellaneous  receipts,  the  only 
addition  we  have  to  make  is  to  add  to  the  war  interest  the  premium  on  about  two-thirds  of  the 
amount  paid  in  gold  at  an  average  rate  of  40  per  cent.,  say  $112,000,000.  Our  statement  will 


then  stand : 

Income  3%  years . $1,540,058,583 

Add  value  of  premium  on  gold  interest  paid .  112.000,000 


Income  in  currency . . . . $1,652,058,583 

War  debt  paid . • . $802,733,329 

Interest . 438,484,883 

Premium  on  gold  paid  out  for  Interest  at  par,  such  premium  being  credited  above  as 

an  estimated  receipt .  112,000,000 

-  1.353,218,212 


Ordinary  expenses .  $298;8‘ii),3?l 

or  a  little  less  than  $92,000,000  a  year. 

The  expenses  of  the  last  fiscal  year  under  the  Democratic  administration  of  James  Buchanan 

amounted  to . .  $76,841,000 

Equal  to  a  currency  equivalent,  at  the  average  of  140  for  gold,  the  rate  at  which  our  expenditures 
should  be  taken  if  our  currency  expenses  be  reduced  to  gold,  to . . .  $107,577,400 

THE  GOVERNMENT  CHEAPER  THAN  BUCHANAN’S. 

It  therefore  appears  that  the  expenses  of  the  Government  under  the  direction  of  a  Republican 
Congress,  hampered  by  a  hostile  Executive,  have  been  at  the  rate  of  $15,500,000  less  per  annum 
than  the  expenses  under  the  last  year  of  Democratic  rule. 

We  claim  that  they  might  fairly  have  exceeded  any  honest  expenditure  in  1860,  for  we  have 
5  or  6,000,000  more  population  and  a  vast  extent  of  new  territory  to  guard  and  control. 


5 


-If  it  shall  be  alleged  that  we  have  included  all  the  expenses  of  the  War  and  Navy  Depart¬ 
ments  for  fifteen  months  after  April,  1865,  as  war  expenses,  and  that  there  would  have  been  a 
moderate  expenditure  under  any  circumstances,  we  will  admit  it ;  but  the  expenses  of  the  Indian 
war,  estimated  at  30  to  $-40,000,000,  and  the  amount  expended  on  river  and  harbor  improve¬ 
ments,  ($10,000,000,)  for  which  we  have  made  no  allowance,  but  have  included  as  ordinary 
expenses,  would  fully  offset  this  claim. 

It  would  therefore  appear  that  when  partisans  charge  the  Republican  Congress  with  extrava¬ 
gance  they  charge  the  last  Democratic  administration  with  far  greater. 

WHERE  BUCHANAN’S  MONEY  WENT. 


But  we  are  fully  prepared  to  admit  their  charge  of  excessive  expenditure  against  both  admin¬ 
istrations.  The  expenditure  made  under  James  Buchanan  of  $7 7. 841, 000  in  gold,  amounting 
to  a  present  currency  equivalent  of  $107,577,400,  was  largely  used  to  arm  and  equip  the  rebel 
States  in  order  that  they  might  wage  war  against  the  Government. 

The  extravagant  expenditure  of  the  last  three  years  has  been  made  in  consequence  of  the 
appointment  to  and  maintenance  in  office  of  corrupt  officials  by  Andrew  Johnson. 

We  will  now  close  this  branch  of  our  subject,  but  let  us  first  recapitulate  our  figures. 

TABULAR  STATEMENT. 

We  have  proved  that  the  ordinary  expenses  of  the  Government  for  three  years  and  a  quarter, 


including  the  suppression  of  Indian  hostilities  and  nearly  $10,000,000  for  river  and  harbor 
improvement,  have  been  at  a  less  rate  than  during  the  last  fiscal  year  prior  to  the  war. 

We  have  proved  that  to  the  alleged  maximum  debt,  Ausust  1, 1865 . $2,757,689,571 

there  must  be  added  a  portion,  of  the  liability  of  $920,778,252,  which  existed  April  1,  and  of  which 

there  was  still  unsettled  on  the  1st  August  the  sum  of .  530,043,758 


and  we  then  have  the  actual  maximum  debt....  . . $3,287,733,329 

IN  WHAT  FORM  WAS  THIS  DEBT  ? 

Due  within  3  Years. 

1st.  The  liability  not  then  entered  upon  the  books  was  all  recognized  and  settled  within  three  years,  and  most 

of  it  was  due  and  paid  within  one  year .  $530,043,758 

2d.  The  debt  upon  the  books  was  mostly  due  at  short  date,  and  consisted  of  the  following  obliga¬ 
tions  : 

Overdue,  on  which  interest  had  ceased .  1,503,020 

Compound-interest  notes  due  in  i86S  and  1867 .  217  02-J.160 

7  3  10  Treasury  notes  due  in  1867  and  1868 .  839,0<)0’000 

Certificates  of  indebtedness  due  in  1866 .  85,093,000 

Temporary  loan  on  10  days  notice,  5  and  6  per  cent .  107,148,713 

One  and  two  year  notes  at  5  per  cent .  33  954,230 

Suspended  requisitions . . . .  2,111,000 

6  per  cent,  bonds  issued  before  the  war  and  due  in  1867  and  1868 .  18,323,592 


Total  debt  due  within  three  years . . . $1,825,201,473 

Debt  Due  on  Demand. 


Notes  known  as  legal-tender  notes  or  Ci  greenbacks,”  which  the  Republican  party  now  recognizes 
as  a  debt  due  on  demand,  and  has  paid  in  part,  or  proposes  to  pay  or  to  fund  in  interest-bearing 


bonds . $433,160,569 

Fractional  currency .  26,344,742 


$459,505,311 

Less  cash  in  the  Treasury .  88,218,055 


Funded  Debt. 

Old  5  per  cents,  due  in  1871  and  1874 .  $27,022,000 

5  per  cent.  10-40  bonds  due  in  1904 . 172,770.100 

6  per  cent,  bonds  due  in  1880  and  1881 .  .  283,625  000 

6  per  cent.  5-20  bonds  due  in  1882  and  1884 .  606,509.500 

Bonds  issued  to  the  Pacific  Railroad,  due  1895 .  1,258,000 

- - -  1,091,244,600 


Maximum  debt . $3,2S7,733,329 


FORM  OF  THE  DEBT  IMPROVED. 

If  we  analyze  the  form  of  our  debt  as  it  existed  June  30,  1868,  amounting  net  to  only 
$2,485,000,000,  we  find  that  it  was  all  substantially  consolidated  into  long  loans,  (the  payment 
of  none  of  which  can  be  demanded  before  1880, )  except  the  currency  debt  represented  by  the 
legal  tender  demand  notes  amounting  now  to  only  $356,000,000. 

And  for  the  funding  of  these  notes  the  Republican  party  passed  an  act  which  failed  to  become 
a  law  by  the  laches  of  Andrew  Johnson. 

THE  PARTY  OF  HONESTY. 

We  then  claim  that  the  Republican  party  has  proved  its  intention  to  meet  the  liabilities  of 
the  country  by  honest  payment  and  to  remove  from  the  people  at  the  earliest  moment  the  curse 
of  an  inconvertible  paper  currency.  I  have  never  been  entirely  convinced  of  the  necessity  for 
the  issue  of  the  legal  tender  notes  as  a  war  measure  until  I  entered  upon  the  review  of  our 
finances,  of  which  I  am  now  giving  you  the  results. 

I  challenge  any  one  to  deny  that  this  exhibit  proves  that  the  finances  of  the  country  have 
been  managed  by  the  Republican  party  with  a  success  never  before  known  in  the  history  of  the 
world. 

Would  that  I  had  the  eloquence  of  Gladstone,  that  I  might  excite  in  you  as  much  interest  in 
these  dry  details  as  their  importance  demands. 


6 


RESULTS  ATTAINED. 

From  this  review  of  the  finances  of  the  last  three  years  it  is  manifest  that,  if  the  nation  has 
submitted  to  excessive  taxation  and  has  made  an  extraordinary  effort  to  free  itself  from  financial 
embarrassment,  it  has  something  real  and  substantial  to  show  for  it. 

It  has  secured  substantial  relief  from  the  burthen  of  debt  in  spite  of  that  worst  form  of  taxa¬ 
tion  upon  consumers,  that  involved  in  the  use  of  inconvertible  paper  money  forced  into  circula¬ 
tion  under  the  dire  necessity  of  war,  and  which  the  Republican  party  proposes  to  remedy  by 
doing  justice  to  the  note-holder  and  making  their  legal  tender  notes  as  good  as  gold  ;  while  the 
Democratic  party  propose  to  continue  indefinitely  this  burthen  by  issuing  greenbacks  until  they 
become  worthless. 

TRUE  PRINCIPLE  OF  FUNDING. 

Here  let  me  enforce  the  point  so  well  made  by  Govenor  Boutwell  in  his  speech  upon  the  fund¬ 
ing  bill.  Congress  should  never  authorize  a  loan  even  at  a  low  rate  of  interest  upon  over  ten 
years  without  retaining  the  right  to  pay  it  at  its  option  after  that  period.  We  seem  to  have 
iost  our  financial  courage  since  the  war  ended.  During  the  war  we  issued  5-20  and  10-40  loans, 
assuming  that  we  should  want  to  pay  the  whole  or  a  portion  at  an  early  date.  The  fraudulent 
proposition  of  the  Democratic  party,  seconded  by  a  few  wreak  Republicans,  to  substitute  bonds 
bearing  no  interest  for  the  5-20  bonds,  thus  defrauding  our  creditors  without  paying  our  debt, 
has,  for  the  time  being,  prevented  us  from  availing  ourselves  of  the  privilege  of  real  payment, 
and  has  kept  our  rate  of  interest  very  high  ;  but  let  us  keep  our  faith  in  the  nation  and  not  give 
up  the  idea  of  paying  the  debt  within  twenty  or  thirty  years. 

THE  REVENUE  LAWS. 

We  have  collected  this  billion  of  dollars  under  tax  and  tariff  laws  whose  justification  is  in  the 
revenue  they  have  yielded.  Judged  upon  their  own  merits  they  appear  to  have  been  enacted  in 
baste,  ill  devised  and  calculated  to  make  the  burthen  of  taxation  much  more  onerous  than  it 
need  to  be.  The  internal  revenue  law  has  been  revised  and  made  simple,  the  tariff  needs  yet 
more  to  be  simplified,  in  order  that  as  much  or  more  revenue  may  be  derived  from  it,  with  less 
injury  to  the  people  who  pay  the  tax  imposed  by  the  tariff,  viz  :  the  consumers  of  foreign  goods. 

If  then,  under  all  these  difficulties,  we  have  in  three  years  paid  one  quarter  of  our  debt,  shall 
we  take  fifty,  forty,  or  even  thirty  years  to  pay  the  other  thi*ee-quarters  ?  Let  us  not  listen  to 
such  a  proposal — let  us  not  put  upon  our  children  the  burthen  we  can  so  easily  remove.  We 
have  groaned  under  heavy  taxation,  but  had  we  not  paid  war  debt  and  war  interest — had  we 
borrowed  instead  of  paying — our  debt  would  now  be  over  §3,800,000,000. 

REDUCTION  OF  TAXES. 

We  have  reduced  our  taxes  $16*7,000,000  per  annum,  and  when  George  H.  Pendleton  alleges 
that  the  taxes  now  amount  to  $500,000,000  a  year,  he  wilfully  asserts  what  he  knows  to  be 
false.  We  may  well  repeat  the  pertinent  question  put,  I  believe,  by  Hon.  William  Whiting  : 
“Are  Pendleton  and  the  Democratic  leaders  intentionally  attempting  to  destroy  the  credit  of  the 
nation,  in  order  that  we  may  be  unable  to  obtain  the  means  to  put  down  the  new  rebellion 
which  they  propose  to  inaugurate?” 

But  wtiat  is  far  more  important,  we  have  reduced  expenses  yet  more. 


For  the  year  ending  June  30,  1865,  the  expenses  of  the  War  Department  were .  $  1,031, 323,' 000 

For  the  year  ending  June  30,  1868,  the  entire  expenses  of  the  army  proper,  excluding  bounties, 

State  claims,  and  other  legacies  of  the  war,  were .  56,713,000 

For  the  current  year  the  estimates  are  less  than .  40,000.000 

The  expenses  of  the  Navy  Department  for  the  year  ending  June  30,  1865,  were .  123,000,000 

Year  ending  June  30, 1868 .  25,778.000 

Estimates  for  the  current  year .  17,300,000 


We  are  charged  by  Mr.  Pendleton  with  heavy  deficiency  bills,  but  we  reply  that  they  are 
rendered  necessary  by  the  frauds  of  the  honorable  Democrats  of  the  Whiskey  Ring  kept  in  office 
by  Andrew  Johnson. 

STRENGTH  OF  THE  COUNTRY. 

We  have  ceased  the  rapid  reduction  of  debt,  and  our  taxes  are  not  now  excessive,  but  perhaps 
ill-adjusted.  At  the  present  rate  per  head  of  less  than  $9,  our  entire  debt,  with  interest  calcu¬ 
lated  at  6  per  cent,  for  the  next  five  years  and  at  5  per  cent,  thereafter,  and  with  an  allowance 
for  ordinary  expenses  far  greater  than  we  are  now  paying,  I  say,  making  all  these  allowances, 
the  rate  of  $8.60  per  head  will  pay  our  debt  before  the  year  1884  has  ended.  Why,  gentlemen, 
we  do  not  begin  to  realize  our  power ;  we  do  not  begin  to  know  our  own  strength  ;  we  are  scared 
by  a  mirage,  and  we  propose  to  put  off  twenty,  thirty,  aye,  even  fifty  years,  what  we  can  easily 
do  in  ten.  We  do  not  need  to  issue  a  long  loan  to  obtain  a  low  rate  of  interest.  Canada  has 
just  borrowed  $7,500,000  at  4  per  cent,  and  $2,500,000  at  5  per  cent.,  and  the  whole  amount 
was  taken  on  twenty  years  by  the  Rothschilds,  at  105§.  The  finance  minister  of  Canada  expects 
to  place  $10,000,000  more  on  still  better  terms. 

WHY  INTEREST  IS  HIGH. 

All  we  pay  above  four  per  cent,  interest  is  the  guarantee  charged  us  by  capitalists  because  we 
indulge  ourselves  in  the  luxury  of  Democratic  party  leaders  like  Pendleton,  Seymour,  Hampton, 
Forrest,  and  the  like. 

I  have  said  that  we  don’t  know  our  strength  ;  let  us  try  to  realize  it  by  a  glance  at  some  of 
the  elements  of  our  future  prosperity. 

WHERE  STRENGTH  COMES  FROM. 

1.  Immigration.  Since  the  termination  of  the  war,  as  I  am  informed  by  Mr.  Wells,  over  nine 
hundred  thousand  natives  of  foreign  countries  have  sought  a  permanent  home  in  the  United 


7 


States.  These  immigrants  are  known  to  bring  with  them  specie,  or  its  equivalent,  to  the  aver¬ 
age  amount  of  $70  per  head,  while  their  average  value  to  the  country  as  producers  (and  it  is 
from  production  alone  that  we  can  collect  taxes)  cannot  be  estimated  at  less  than  the  average 
value  of  an  able-bodied  laborer  in  the  South,  prior  to  the  war,  viz  :  $1000  per  capita.  Immi¬ 
gration,  therefore,  since  the  war,  has  added  $63,000,000  directly  and  $900,000,000  indirectly 
to  the  wealth  and  resources  of  the  country. 

INDUSTRY  GROWING. 

2.  Here  let  me  again  quote  the  language  of  Mr.  Wells,  as  I  have  his  high  authority  for  the 
statement : 

“Since  the  termination  of  the  war  more  iron  furnaces  have  been  erected;  more  pig  iron 
smelted  ;  more  bars  rolled  ;  more  steel  made  ;  more  coal  mined  ;  more  lumber  sawed  and  hewed  ; 
more  vessels  built  upon  our  inland  waters ;  more  houses  constructed  ;  more  manufactories  of 
different  kinds  started;  more  cotton  spun  and  woven;  more  petroleum  collected,  refined,  and 
exported,  than  in  any  equal  period  in  the  history  of  the  country,  either  before,  during,  or  since 
the  war.” 

RAILROADS  EXTENDING. 

3.  We  may  say  that  during  the  war,  or  soon  after  its  commencement,  the  railroad  system  of 
the  North  was  made  a  unit  by  the  completion  of  various  connections,  and  it  will  never  be  known 
how  much  this  added  to  our  war  power.  But  I  will  again  quoie  Mr.  Wells.  He  says  “since 
the  termination  of  the  war  over  5000  miles  of  new  railroad  have  been  constructed  and  opened 
for  use  in  the  United  States,  to  say  nothing  of  the  lines  ihi  the  Southern  States  which  have  been 
restored  and  reopened.” 

Gentlemen,  when  you  hear  us  who  are  business  men  complaining  of  dullness  and  stagnation, 
please  refer  to  the  tables  of  the  comparative  receipts  of  several  of  the  great  railroads  which  are 
given  week  by  week  in  the  Financial  Chronicle ,  and  when  you  see  how  they  increase  year  by 
year,  although  rates  are  lower,  ask  who  exchanges  all  these  commodities  on  which  the  freight 
is  paid,  and  then  consider  whether  the  use  of  paper  money  may  not  have  induced  too  many  men 
to  engage  in  exchange,  or  to  become  traders  rather  than  producers. 

AGRICULTURE  MORE  PRODUCTIVE. 

4.  The  agricultural  products  of  the  United  States  have  steadily  increased  both  in  quantity 
and  value  since  the  termination  of  the  war,  and  the  product  of  agriculture  increased  in  quantity 
all  through  the  war.  We  are  rapidly  restoring  the  number  of  animals,  both  horses  and  cattle, 
to  their  normal  proportion.  It  may  be  that  this  year  the  crop  of  grain  will  be  in  full  propor¬ 
tion  to  what  it  would  have  been  had  there  been  no  unnatural  or  forced  stimulus  to  manufac¬ 
tures  by  which  labor  had  been  diverted  from  agriculture. 

THE  SOUTHERN  STATES. 

5.  Let  us  glance  at  the  condition  of  the  South.  It  is  alleged  that  the  reconstruction  plan 
of  Congress  has  been  a  failure.  Let  us  test  it  by  economic  results.  It  is  alleged  that  the  South 
has  been  ground  down  under  a  military  despotism ;  that  there  has  been  no  labor  that  could  be 
relied  upon,  and  lastly,  that  they  have  had  no  capital.  The  last  allegation  we  will  admit, 
because  we  know  that  the  tendency  of  Northern  capital  to  the  South  has  been  checked  by  its 
insecurity.  The  crops  of  this  year  are,  therefore,  free  from  mortgage,  for  no  one  would  trust 
a  planter  this  last  spring. 

Now  let  us  see  what  is  the  result.  If  the  South  has  had  neither  labor  nor  capital,  their  crops 
must  be  the  spontaneous  production  of  nature,  and  they  have — 

First.  An  ample  supply  of  food  for  the  consumption  of  the  whole  population,  say  10  to 

12,000,000. 

Second.  A  crop  of  cotton  which  promises  to  equal  or  to  exceed  that  of  last  year,  which  has 
been  proved  by  the  investigation  of  our  cotton  manufacturers’  association  to  have  been  nearly 
or  quite  3,000,000  bales,  or  much  more  than  the  compilers  of  the  commercial  tables  will  admit, 
and  more  than  three-fifths  the  largest  crop  ever  raised  before. 

Third.  A  crop  of  rice  which  the  Charleston  Daily  News  asserts  will  prove  sufficient  to  drive 
all  imported  rice  out  of  the  home  market  during  the  coming  year. 

Fourth.  Fifty  to  100,000  tierces  of  sugar. 

Fifth.  A  crop  of  tobacco  so  large  as  to  make  it  one  of  our  main  dependencies  as  an  article  to 

np  f q YPn 

WE  ARE  RICH  ALREADY. 

In  short  the  South  has  a  salable  surplus  of  the  aggregate  value  of  400  to  $500,000,000,  and 
all  this  with  their  harvest  of  food  is,  if  we  can  trust  the  evidence  of  their  Democratic  leaders, 
the  spontaneous  product  of  nature  !  What  may  not  be  the  result  when  General  Grant  is  elected, 
peace  assured,  labor  rendered  effective  and  capital  safe  ? 

THE  WAR  WORTH  ITS  COST. 

Let  me  express  my  profound  conviction  that,  as  a  purely  economic  question,  the  war  will 
pay  for  itself,  since  the  increased  production  of  the  Southern  States,  which  will  follow  the  abo¬ 
lition  of  slavery,  will  in  the  next  twenty  years  more  than  pay  the  entire  cost  of  the  war  by 
which  slavery  was  ended.  The  question  of  taxation  is  therefore  a  mere  question  of  distri¬ 
bution  of  the  burthen,  and  we  must  see  to  it  that  the  late  rebel  States  do  not  throw  off  all  the 
burden  and  reap  only  the  benefit  by  allowing  them  to  aid  the  Democratic  party  in  repudiating 
the  debt. 


8 


as# 

0X2  » 

02  Sh  *5 
O  <U  W 
C-E- 
£H  w 
o 

C  72 
o  o  Sh 

£33 

rH  ^ 

o  5  o 

•y  &3 

£  ®  S 

H- '  T“  *|H 

•— ■  o 

o  o'd 

f.“3 

d  o'S 

o-o 

xf:  O  ^ 

is  § 

OjJ° 

*c.y 

•“  tc  eS 

•Bga 

j-  1/3 

^2* 

C3  g  50 

H+j  ^ 

=2  <u 

.  cs  4-j 

e 

o:  'O  ■— 
«U  E'-w 

S*  » 
3*?$ 

-r-i  C  -H> 

•3.2x1 

o  a>.-P 

co  J 
c  e 
d  a  h 

,23> 

,—  O-H 

ci  £  aj 

^je'g 

«s2 

a  g  a 

1  £  a3 

2  ®S3 


m 

<z> 


:  so  o 

S  *-f> 

:  P3  <> 

2*H 

<  ~  o 
i  -  <D  | 


0> 
73 
Sh 

o 

£ 

c3 

-U 
73 

•  2 

-  a  J  O 

\"Z  §*e '3 

2  •«» 
>  £  o  co 
2  3  >»o 
!  "mS  3 
i  d  r2  >  3 

i  CO1^  _  M 

O  o 
.  ®  o~  - 
;  G  ® 

Ol'S'o-Q 

't'-O  ^ 


m 

CD 

M 

c3 

H 

H 

d 

Co 

oT 

oj 

n 

d 

a# 

du 

K 

W 

d~ 

o 

•  rH 
4-3 

c3 

r-H 

rJ 

P4 

o 

P< 

C4-H 

o 

EQ 

O 

4-3 

c3 

0 

•r— 5 

4-3 

c n 


,  O. 

>£J, 


,  sh 
-  o 


-  a  o 

c3  a  H 

>,o 

^  S  3 

4>  rH  ^ 

*->  _  — 
j:  ^  43 

c3  ,•/} 
7?  O  o 

Sp3 

S'£  ® 

>  o  ^ 

33  2 
5  c  a 

^  >5  72 

.t3  o  "O 


Td 

■H 

05 

Pa 

05 

X3 

d 

c3 

o 

+a 

p£X 

05 

n 


d 

Ph 

CD 

,d 

-t-a 

d 

05 

,d 

* 

&0 

d 

•H 

£ 

o 

X4 

05 

05 

r-H 

rGl 

c3 

H 


J  60 

72  a 

sa 
>H 
+2 
72  C5 

Xd 

5-^ 

o3 

E  c3 
C3  72 
-  05 


© 

© 

© 

© 

© 

© 

co 

CO 

CO 

© 

00 

© 

1C 

95 

T— I 
© 

© 

rH 

© 

TT 

oq 

rH 

CO 

© 

uO 

o 

© 

1C 

Tt 

© 

X 

© 

co 

CO 

C4 

© 

© 

© 

'C* 

A 

r\ 

r\ 

r\ 

»N 

*>. 

A 

rs 

p— 

• 

4J 

© 

CO 

© 

CO 

© 

uo 

uo 

uo 

CO 

»o 

CO 

© 

CO 

co 

T-H 

rC 

o 

© 

cc 

© 

© 

rt 

CO 

rH 

© 

Oi 

t- 

© 

CO 

rH 

ctf 

C! 

co 

#\ 

© 

© 

Tt 

i> 

C4 

rH 

© 

A 

© 

A 

uo 

co 

AS 

© 

p. 

M 

o'. 

rH 

r-T 

co' 

r-*' 

CO 

Tt' 

u2 

_ 

©^ 

rH 

C4 

•—• 

+-> 

TT 

© 

Tt 

CO 

© 

© 

© 

© 

rt 

uO 

jC 

4> 

0) 

£ 

coT 

r*  • 

A 

C4 

co 

rs 

Cl 

co 

A 

G4 

C4 

«N 

04 

rH 

of 

© 

of 

© 

A 

rH 

CO 

r-i 

© 

rH 

rt 

rH 

Cl 

rH 

© 

rH 

CO 

© 

Ol 

o 

p 

tTH 

© 

© 

© 

r- 

iO 

CO 

Ht 

rH 

Tt 

C4 

X 

oq 

-H 

*— H 

uo 

uo 

o  A 

© 

© 

co 

© 

© 

CO 

rH 

CO 

© 

CC 

X 

oq 

© 

r— 

© 

© 

© 

© 

CO 

© 

rH 

CO 

© 

© 

© 

© 

© 

H* 

4-»  2 

#> 

j. 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

c  ^ 

© 

oq 

© 

X 

rH 

CO 

co 

© 

© 

oq 

X 

oq 

C4 

i-H 

uo 

c? 

r- 

rH  O 

© 

rH 

© 

X 

© 

UO 

rf 

00 

<0? 

rr 

»■ .( 

CC 

X 

co 

rf 

o  S 

CO 

X 

© 

rH 

© 

o 

1- 

•-H 

© 

rH 

rt 

© 

— 1 

© 

© 

— —  ■ 

rs 

rs 

rs 

rs 

rs 

rs 

A 

cS  cj 

rr 

© 

co 

uo 

© 

rt 

CO 

rt 

rH 

© 

X 

X 

© 

cc 

r- 

cc 

oq 

© 

UO 

© 

X 

C4 

© 

© 

t-H 

-t 

© 

co 

uo 

<  *- 

rH 

rH 

r-» 

rH 

rH 

rH 

Cl 

04 

04 

04 

C4 

4J  02 

G  ® 

g  s 

S.2 

< 


•JSSJa^UT  JO  9JT3JJ 


£  ® 
O  Q 

^3  £ 
o 

<4-.  -*-> 

o  a 

flg? 
o’G 
S  2 


•jqop  jo  uoponp 

-OJ  JOJ  put’  JS0JOJUI 

joj  ojqBjiB^vB  junoury 


© 

© 

© 

T* 

© 

3 

Tt 

0) 

© 

X 

© 

Ol 

© 

UO 

o 

© 

© 

X 

uo 

© 

X 

© 

X 

X 

© 

© 

© 

X 

-ST 

© 

r- 

o 

O'! 

X 

© 

rH 

oq 

t-H 

uo 

rj< 

© 

© 

rs 

rs 

r\ 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

04 

CO 

t- 

© 

r- 

Tt 

OJ 

uo 

rt 

© 

X 

X 

© 

OJ 

© 

Ol  ; 

rH 

X 

© 

X 

Cl 

Q) 

X 

© 

© 

UO 

oq 

Ol 

UO 

X 

UO 

X 

© 

oq 

oi 

© 

© 

© 

r-^ 

Ol 

OJ 

© 

© 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

X 

© 

CC 

© 

uo 

© 

X 

© 

OJ 

X 

X 

01 

© 

t  •» 

cq 

-t 

"TF 

04 

© 

© 

© 

X 

© 

uo 

01 

r— « 

• 

t-H 

rH 

rH 

rH 

f— 1 

rH 

rH 

c3 

© 

© 

© 

© 

© 

uo 

uo 

«o 

uo 

uo 

uo 

uo 

VC 

uo 

© 

uo 

© 

© 

© 

© 

o 

CC 

X 

© 

© 

uo 

rH 

© 

© 

Ol 

rH 

© 

© 

© 

© 

8 

© 

X 

X 

© 

© 

© 

rH 

rr 

rH 

CO 

— H 

© 

© 

uo 

rj< 

© 

X 

© 

X 

X 

oq 

© 

© 

© 

rs 

© 

© 

X 

r- 

© 

X 

© 

»o 

uo 

uo 

cc 

© 

X 

© 

X 

X 

© 

O 

X 

© 

© 

3 

rt 

1— H 

© 

Cl 

i- 

© 

cc 

-t 

rH 

© 

oq 

X 

i> 

© 

© 

Tf 

i>» 

oq 

1—* 

© 

© 

uo 

TT 

co 

©  ■ 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

•s 

rs 

rs 

rs 

rs 

, 

© 

uo 

— H 

r- 

cc 

X 

rr 

U0 

•— • 

© 

rH 

OJ 

-H 

CC  2 

© 

© 

-t 

I- 

X 

© 

© 

© 

© 

Tf' 

uo 

co 

cc 

oq 

rr 

© 

© 

X 

© 

rt 

oq 

© 

X 

uo 

or 

rs 

rs 

oq 

60= 

01 

oq 

CM 

oq 

oq 

04 

rH 

r-H 

rH 

rH 

rH 

rH 

© 

© 

Tf 

OJ 

X 

X 

CO 

uo 

uo 

X 

© 

rH 

© 

© 

»c 

© 

oq 

CO 

© 

X 

© 

© 

OJ 

© 

© 

oq 

© 

© 

X  ’ 

© 

© 

© 

© 

© 

X 

X 

© 

© 

oq 

X 

t- 

01 

rH 

rs 

rs 

© 

cc 

UO 

uo 

X 

OJ 

uo 

-v 

uo 

© 

X 

X 

cc 

© 

oq 

r- 

uo 

r- 

TT 

© 

ir> 

© 

X 

I/O 

© 

X 

© 

uo 

CO 

c> 

X 

co 

© 

© 

<N 

•* 

04 

© 

rH 

uo 

CO 

CO 

i- 

X 

rs 

r\ 

rs 

rs 

rs 

*s 

rs 

rs 

rs 

r. 

rs 

rs 

rs 

rs 

rs 

Ht 

O) 

© 

X 

© 

X 

OJ 

— H 

—H 

rH 

Ol 

X 

©  ■ 

X 

© 

© 

© 

oq 

CO 

”t 

»o 

© 

X 

© 

© 

t-H 

© 

r—\ 

oq 

oq 

04 

oq 

oq 

oq 

01 

01 

oq 

Ol 

CO 

X 

Ol 

•uoijBjn 
-dod  jo  osbojoui  oq; 
uo  pBoq  jod  z§ 
XjfBtlUTIB  pOSBOJOat 
‘SUOISUOJ  pilB  OOtA 
-JOS  UAJO  2?AB\[  PUB 

Am  iy  Joj  sosuodxa 


o  o 
o  o 
o  o 

o'  O 

O  CZ> 
O  CN 

cTef 

o 

T— • 


o  o  o 
o  o  o 
o 

•n  *\  r> 

O  CO  oc 
X'  *st*  <71 
C^l  co  o 

0^  o' 

O  aQ 


Q)(N«0 
A0  lO1  — • 
0Q(M  ^ 

‘aT  Is — - 

— <  ^  05 

o 


cc  o 

o  o 

O  — I 

cn  r 

GO  CD 

CO  o 

O  o 


X^OJOOOOJ^^O^lCOCOCO^CO^ClOX^'Mrf 
C  l  V  CO  — I  rH  C-l  CO  vQ  7)  CO  Cl  O  uC  — 1  CO  O  W  O  O  H  CO 


r\  »s  »\ 


cq  os  C4 
o 


o 


(MTTNW-hH(N . . . 

7  ^  O  ^  ^  H  O  OH'  CO  CO  -  N  O  7  N  O  1 

co't^oT  cr  —  ccTt^TcTco'cO 

O  ^  ^  Cl  N  O  i'*  CO  CO  N  CO  CG  O  lO  uO  iO  O  ^ 
HCoNN^XOlCOHOrlOtM-^COClOCO 

VtT  of  co'oT  cT  -f  cf  <oT  vd  <n  oo'ccT^'co'^fo'^co 

OCDO^J^^OOooOG 


X  . 

o  o 

CO 

‘o’co' 

O  Tj-< 

TT 

.  »■•  »> 

O  CO 
C5 


OH5C 

'cTofr^ 
o  »o>  »o 
-too 

tr'  co' 

o  o 


o 

o  -*-» 

-*— < 

rt  • 
he  O  02 
02  ® 
E  «  x 

6X)  *-i  aj 

bD  X 

a 


© 

© 

© 

X 

oq 

© 

© 

X 

© 

X 

X 

OJ 

o 

© 

oq 

X 

© 

X 

© 

*o 

hH 

© 

rH 

© 

© 

© 

© 

© 

rH 

rH 

CN 

OJ 

Tf< 

X 

X 

© 

© 

x^ 

OJ 

{- 

r* 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

© 

TT 

Ol 

CO 

© 

© 

© 

oq 

© 

© 

— H 

X 

© 

© 

o 

© 

© 

r— i 

© 

A— * 

oq 

X 

© 

© 

co 

X 

— H 

X 

X 

© 

rH 

X 

X 

o\ 

© 

© 

X 

rH 

X 

© 

© 

co 

rH 

01 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

rs 

r 

rs 

rs 

-s 

rs 

© 

© 

© 

X 

o 

r-i 

X 

© 

© 

0J 

© 

© 

© 

OJ 

X 

© 

© 

© 

© 

rH 

Ol 

X 

© 

© 

© 

© 

© 

co 

CO 

CO 

X 

CO 

X 

co 

TjV 

-t 

-t 

TT 

© 

•pBaq 

jod  ‘uoijbxbj  jo  OJBJJ 


© 

© 

© 

© 

© 

© 

© 

© 

© 

© 

8 

© 

© 

© 

© 

© 

rH 

© 

© 

© 

© 

© 

© 

© 

© 

© 

© 

© 

© 

© 

© 

© 

© 

X 

m 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

q> 

■  JBJA  oqj  JO 
tiotjBpjBjaj  oqj  joj 
15^ ‘188 ‘l  Sutavojjb 
J05je  ‘uinuuB  jod  -jo 
jod  8  jo  ajBj  jb  pa 
-punodmoo  UjjBjndocj 


C >  ^ >  - )  <■ >  '-f-'  -NJ  ■ 

O  O  O  O  O  "01  <M  O  CO  CO  —■ ■  r^»  ou  —  u  cc  —  n  *f  h 
^^^a,^1^{£)NC0o^i£505(M(MO(N-jC0^C0 


_ _ _ _ _  oo 

O  O  O  fM 

O  O  o  *+  i1  o  CO  LG  Cl  CO  Cl 

q  ~ji  ^  i,  n  n  tn  rn  »o 

O  rH 

p>  r  «s  r»  #  r,r\^«sr.*'f'» 

(  O  rH  — H  »“<  04  rH  rH  O  rH  CO  rH  CO 

rt  rt  ^  ^  -t 


^COONOOO^CIOOJCD 
lOOGlOOhClO  O  O  00  CO 
)DCCiCO(M-^  CO1  NO00 


o  •+  o  CO  >0  O)  CO  Ol  -  CO  -  VO  Cl  N  -J  N  CO  Cl  O  :c  00  O  rfi  rt  CO  T+  C  l  ’O  0C 

{'  H  O  C)  *3  O  O)  lO  Cl  N  CO  CO  O  CO  t  7  CO  O  CO  O  N  N  Cl  O  N  N  Cl  O  l'-  1> 

r  h  COC1  O  (M  N  Cl  O  O  00  W  N  ^  -  -t  O  ^  O  O  CO  iO-t  CO  X  O  V.'  N  O 

#scn#v«'C\*\»  «\CNr,«Nr\''rsr>r»r\»\»\*- 


1  C5  - 


)  O  lO  H  f£)  oo  O  ^  1 

r>r^r\r'f'r»r\r\f\r>rNr\t2 

rH  r“l  Cl  r— 1  "^t  r-i  iCO  rH  rH  Cd  rH  O 

to  o  o  uo  o  o  o 


Ph 

rt 

a> 


CO 

© 

© 

© 

X 

X 

rH 

rH 

o 


04 

X 

T* 

UO 

© 

X 

© 

© 

rH 

oq 

CO 

3 

r- 

N 

i- 

1- 

X- 

X- 

r* 

i- 

J- 

do 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

t-H 

rH 

rH 

rH 

rH 

^H 

*“H 

rH 

rH 

rH 

rH 

rH 

rH 

rH 

Published  by  the  Union  Republican  Congressional  Committee,  Washington,  D,  C.  Gibscp  Brothers,  Printers. 


